News
Northern Rock shares plummet further
By Paula John Shares in Northern Rock slumped again this morning, as speculation mounted that the troubled lender is likely to be sold off cheaply.
The bank’s share price, which had already fallen by 75% since it was forced to approach the Bank of England for emergency help last Thursday, lost a further 23%, and were priced at 199p during early trading today.
The latest plummet comes despite Alistair Darling’s guarantee that the treasury would underwrite all deposit holders’ money.
Northern Rock’s future as an independent company is now considered untenable.